1 Salaries and Wages (plus withheld income tax)

Director's Fee
Compensation (in the form of shares of stocks)
Cancellation of debt by ABC Loans Corp. due to services rendered
Rent Income
Business Income
Leasehold improvement
Dividend Income
Bad debt recovery
Winnings from raffle draws
Proceeds from Insurance
13th month and Other Benefits (excess of 82,000)
Gross Income
Less: Business Expenses
Salaries Expenses (Income tax for salaries were withheld and remitted to BIR)
Rent Expense for September, 2016
Interest Expense
Prepaid Interest (to be amortized for 5 years at 5,000 per year)
Documentary stamp tax paid
Bad Debts (currently written-off)
Bad Debts (coming from accounts receivable purchased at PhP9,000)
Depreciation Expense
Depletion Expense
Donations to National Government for TESDA program as per R.A. 8525)
Research and Development costs
Losses from Theft
Special Deductions
SSS
Philhealth
Pag-Ibig
Net Income
Less: Personal Exemption
Additional Exemption

50,000.00
5,000.00
16,000.00
5,000.00
1,000.00
7,500.00
9,000.00
4,000.00
6,500.00
150,000.00
50,000.00
15,000.00
150,000.00
5,600.00
1,200.00

Taxable Income

2,406,800.00
500,000.00
15,000.00
10,000.00
20,000.00
500,000.00
2,500,000.00
5,000.00
200,000.00
5,000.00
100,000.00
295,900.00
6,557,700.00

319,000.00

156,800.00
6,081,900.00
50,000.00
100,000.00

3 Taxable Income

Add
Income Tax Payable
4 Income Tax Payable
Less: Tax Withheld
Income Still Due

5,931,900.00
(500,000.00)
5,431,900.00
X
0.32
1,738,208.00
125,000.00
1,863,208.00
1,863,208.00
750,000.00
1,113,208.00

5,931,900.00

Monetized unused vacation leave credits for 2 days

Laundry Allowance
Christmas gift
Rice Subsidy
13th month pay
14th month pay
Christmas bonus
Total 13th month and Other Benefits
Threshold
Taxable 13th month and Other Benefits

20,000.00
2,400.00
5,000.00
18,000.00
200,500.00
82,000.00
50,000.00
377,900.00
(82,000.00)
295,900.00

1 Salaries and Wages (plus withheld income tax)

Director's Fee
Compensation (in the form of shares of stocks)
Cancellation of debt by ABC Loans Corp. due to services rendered
Rent Income
Business Income
Leasehold improvement
Dividend Income
Bad debt recovery
Winnings from raffle draws
Proceeds from Insurance
13th month and Other Benefits (excess of 82,000)
Gross Income
Less: Optional Standar Deductions
Special Deductions
SSS
Philhealth
Pag-Ibig
Net Income
Less: Personal Exemption
Additional Exemption
Taxable Income

150,000.00
5,600.00
1,200.00

2,406,800.00
500,000.00
15,000.00
10,000.00
20,000.00
500,000.00
2,500,000.00
5,000.00
200,000.00
5,000.00
100,000.00
295,900.00
6,557,700.00
131,154.00

156,800.00
6,269,746.00
50,000.00
100,000.00
6,119,746.00

3 Taxable Income

Add
Income Tax Payable
4 Income Tax Payable
Less: Tax Withheld
Income Still Due

6,119,746.00
(500,000.00)
5,619,746.00
X
0.32
1,798,318.72
125,000.00
1,923,318.72
1,923,318.72
750,000.00
1,173,318.72